"Bitcoin Pizza Day" on May 22 every year is a holiday celebrated by cryptocurrency believers. However, this year is a "catastrophic day" for some investors, because they invest money in a few pizzas on a whim. The related tokens were rug pulled by the project party and ended up losing all their money. This significant day was originally intended to commemorate the first physical transaction of Bitcoin, but now it has become a bait for scammers to make money, which is really sad.

According to dextool's new coin monitoring system, a total of 15 pizza-related meme coins have been launched in the past 2 days, 4 of which have been confirmed as "rug pull" scams; at least 5 are suspected to be "rug pull" scams. Honeypot scam (HoneyPot)". According to statistics, these meme coin scammers have managed to make at least $200,000.

Both "rug pull scams" and "honeypot scams" are Internet fraud methods. The former uses a variety of technical means to steal investors' funds, while the latter tricks victims into investing funds in false transactions. However, Only the contract creator can sell the asset, and the buyer can only continue to hold a pile of tokens that cannot be cashed out.

On May 22, the first pizza meme coin that successfully attracted the attention of investors was Pizza Coin (PIZZA). However, just 8 minutes after it was put on the shelves, the sales tax rate was immediately raised by the developers, leaving investors unable to escape. Holding coins. According to the data, a total of 34 traders purchased PIZZA, with a total loss of 0.9892 ETH ($1,800).

Then, the currency speculators seemed not to notice the difference and flocked to the token called BitcoinPizzaDay (BPIZZADAY), ultimately losing more than $37,000 in total.

Then Bitcoin Pizza (BPIZZA) and ETH PIZZA (ETHPIZZA) appeared. The former has a market value of more than 100,000 US dollars, and the latter has a market value of 40,000 US dollars. Neither token can be sold after the contract owner suspended transfer and sale functions.

This article Pizza Day turns into a "catastrophe"! Coin speculators’ happy investment in “Pizza Coin” ended in tragedy. First appeared on Blockchain.